The cost of renting a home has soared to a staggering $600 a week in some suburbs on the back of strong demand and declining supply.
Since last March, median posted rents across the country have risen from $450 to $500, reaching a historic high.
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Rents in capital properties are 13% higher than a year ago, while advertised rents are up 9% in rural properties.
Tenants are already feeling the strain from rising costs of living, and these rises will no doubt put additional pressure on their finances.
It’s a difficult time for many people across the country, but some people are suffering more than others.
A closer look at the suburbs with the highest rent growth reveals that tenants aren’t really paying for it these days.
Suburbs with the highest rent growth
| Suburbs | region | Current average weekly rent | $ change in median rental price |
| Clovelly | sydney | $1,995 | $633 |
| rose bay | sydney | $2,000 | $600 |
| middle cove | sydney | $1,700 | $525 |
| surfers’ Paradise | Rest of Qld | $1,475 | $430 |
| Paradise Point | Rest of Qld | $1,275 | $425 |
| clear island water | Rest of Qld | $1,400 | $400 |
| river view | sydney | $1,450 | $400 |
| double bay | sydney | $2,000 | $400 |
| vaucluse | sydney | $2,995 | $395 |
| Balmain East | sydney | $1,400 | $375 |
Homes in Clovelly, Rose Bay and Middle Cove topped the list, with median weekly rent increases of $525 to $633 per week.
Tenants renting homes in Surfers Paradise and Paradise Point are now paying $430 and $425 more, respectively, than they did a year ago.
This is a significantly higher increase than most other suburban renters.
Clovelly homes experienced a significant rise in rents nationwide.Photo: Getty
Rents for homes in Sydney’s prime suburbs Double Bay and Vaucluse have also risen significantly over the past 12 months.
Suburbs with the highest rent increase rate
| Suburbs | region | Current average weekly rent | $ change in median rental price |
| Kalimba South | sydney | $980 | $230 |
| Ivry | sydney | $838 | $208 |
| Mirror’s Point | sydney | $840 | $180 |
| Haymarket | sydney | $850 | $170 |
| South Granville | sydney | $443 | $163 |
| Soldiers Point | Rest of New South Wales | $550 | $163 |
| Banksia Beach | brisbane | $610 | $160 |
| Sylvania | sydney | $650 | $150 |
| Zetland | sydney | $780 | $150 |
| glendale | Rest of New South Wales | $450 | $150 |
For units, Caringbah South, Eveleigh and Millers Point saw the strongest dollar rent growth.
Tenants in these areas are paying $180 to $230 more weekly in rent, well above the national average of $50.
Haymarket and South Granville are also not far away, with unit rents up $170 and $163, respectively.
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An important fact to note is that the suburbs with the highest rent growth are primarily in Sydney.
why is that?
With employees returning to CBD offices and students returning to college campuses since lockdowns were lifted, there has been substantial demand for properties closer to the city.
This is even more, especially with the increasing number of international students from China (in accordance with government directives)
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With the largest share of international students studying in Sydney, the competition for inner-city rental properties and properties close to universities is intensifying. Our largest capital, the number of potential renters per listing, has grown 30% in the last 12 months.
Rising demand and a shortage of rental properties mean that prices are reaching new highs.
Especially in the capital, the current market conditions are not expected to change in the short term. Rents may continue to rise due to the resurgence of migration and ongoing supply shortages.
However, there are some early signs of reprieve for area renters as available rental levels have improved slightly.